Canada's Top Secured Card for Credit Building | Refresh Financial

IMPROVE YOUR CREDIT
WITH A SECURED CARD

Use Refresh Financial's Secured Card to build your credit quickly and safely.
No hard credit check required!

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What's a Secured Card

Build your credit now

Refresh Financial - A Borrowell Company

Credit limit

$200 - $10,000

Annual fee

$12.95

Maintenance fee

$3.00/month

Interest rate

17.99%

No hard credit check

Payments reported to both credit bureaus

Build credit while spending your money

Guaranteed approval with deposit

No hard credit check required

How Does A Secured Card Work?

  • Set your deposit Set your deposit
    • Your deposit amount will determine the credit limit you'll have available on your secured card for everyday purchases.
    • Deposit as little as $200 or as much as $10,000.
  • Make everyday purchases Make everyday purchases
    • Use your secured card just like a regular credit card.
    • Pay bills or make purchases either in-person or online.
    • For optimal credit building, keep your secured card balance below 30% of your total credit limit.
  • Pay your balance to build credit history Pay your balance to build credit history
    • Pay your secured card balance each month.
    • Make payments on-time to build positive payment history, and make payments in-full to avoid interest charges.
    • Payments you make toward your outstanding balance are reported to both Equifax & TransUnion, which can help you build credit history.
How Does A Secured Card Work??

No credit history required - guaranteed approval.

  • No credit history required - guaranteed approval. No credit history in Canada? No problem! Build your credit history from scratch.
  • No credit history required - guaranteed approval. Recovering from bankruptcy? Rebuild your credit to get a fresh start.
  • No credit history required - guaranteed approval. Need good credit for a big purchase? Improve your credit score and reach your financial goal.
No credit history required - guaranteed approval.?
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Sign Up in 20 Minutes or Less

Here's our easy three-step process:

  • Create an account Create an account

    Provide your personal information (name, phone number, address), describe your financial goals, and verify your email to get started with Refresh Financial.

  • Choose your credit building pack Choose your credit building pack

    We'll recommend a secured card option and other credit building solutions based on your financial goals.

  • Complete verification and upload documents Complete verification and upload documents

    To finish your application, complete verification to confirm your identity and banking details and sign your Secured Card credit agreement.

Here's our easy three-step process:?
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Why Use Refresh Financial?

Trusted by 100,000+ Canadians since 2013

Nadira Paul

Excellent! Exceeded my expectations, great customer service, no hidden rules, helped me in a huge way. My score went up by 60-80 points in 24 months. Definitely recommend 10++.

Darren Murray

They have helped me get my credit score from 350 and now I am in the 600s almost ready to get a mortgage. Refresh was a huge part of that!

Gabriel Wilson

Refresh Financial offered to help build my credit. The loan program I believe did help by adding on to my credit lines. They were friendly from start to finish and lived up to what they said. Thank you Refresh Financial for helping me improve my credit score. My wife and I now have our first mortgage.

Nadira Paul

Excellent! Exceeded my expectations, great customer service, no hidden rules, helped me in a huge way. My score went up by 60-80 points in 24 months. Definitely recommend 10++.

Darren Murray

They have helped me get my credit score from 350 and now I am in the 600s almost ready to get a mortgage. Refresh was a huge part of that!

Gabriel Wilson

Refresh Financial offered to help build my credit. The loan program I believe did help by adding on to my credit lines. They were friendly from start to finish and lived up to what they said. Thank you Refresh Financial for helping me improve my credit score. My wife and I now have our first mortgage.

Ready to
Build Your Credit?

Get started with a Secured Card today from Refresh Financial, powered by Borrowell.

Make your financial dreams a reality.

Build your credit now
Ready to Build Your Credit?

FAQs about Secured Credit Cards

  • How does a secured credit card work?

    A secured credit card is similar to a regular credit card with one major difference. Before any credit is given, a deposit must be put down on the secured credit card. Your deposit sets your credit limit on the card, and it also protects the lender from risk in case you can’t pay back the balance you’ve used up on the card.

  • Does a secured credit card help me build my credit?

    Yes! Refresh Financial's Secured Card can help you build payment history and credit history just like other secured credit cards. Use your secured card to make everyday purchases like a regular credit card. Every payment you make towards your card’s balance each month is reported to both credit bureaus, which can help you build a history of positive payments.

  • How much should I spend using my secured card?

    You should aim to keep your secured card balance below 30% of your available credit limit. This is because the second largest factor that impacts your credit score is your credit utilization rate: the amount of credit you’ve spent out of the total credit available to you. High credit utilization can hurt your credit score. We will let you know when you hit a credit utilization rate above 30% so you can make a payment towards your balance, ensuring your credit score is not negatively impacted.

  • How does Refresh Financial’s Secured Card compare to other secured credit cards?

    Refresh Financial’s Secured Card is specifically designed to help Canadians build a positive payment history and improve their credit scores. Unlike other cards on the market, Refresh reports your balance payments to both credit bureaus. In addition, our Secured Card comes with one of the lowest annual fees on the market, and a lower interest rate than many other secured credit cards available in Canada.

  • What are the requirements for a Refresh Secured Card?

    To be approved for a Refresh Financial Secured Card, you must meet the following requirements:

    • Be at least the age of majority in your province or territory of residence
    • Reside in a province or territory where Refresh offers the secured card
    • Be able to provide security funds of at least $200 to Refresh

  • How do I apply for a Refresh Secured Card?

    You can apply for a Refresh Secured Card by completing our online application. Here are the steps to complete the application form:

    1. Your custom info: This step involves submitting your personal information (name, phone number, address) and describing your financial goals to help us determine the right product we can offer you
    2. Verify your email: Once you’ve submitted your information, you’ll receive an email to verify your application.
    3. Choose your credit building pack: We’ll recommend credit building solutions that match your needs.
    4. Complete verification and upload documents: To finish your application, complete verification to confirm your identity and banking details and sign your Secured Card credit agreement.

    Here are the documents you will need to apply for a Refresh Secured Card:

    • Government-issued Photo ID: A government-issued photo ID that has your address on it will work.
    • Your banking details: You will to verify your banking details or upload a copy of a void cheque or Pre-Authorized Debit form.
    • Proof of your address: We accept government-issued mail (such as a letter from the CRA) or a utility bill addressed to you, dated within 90 days of when you apply for the Secured Card.
  • What happens to my deposit when I cancel my Refresh Secured Card?

    If you decide to cancel your secured card, we recommend that you pay your balance owing in full so that your account can be reported to the credit bureaus as closed and paid in full. We will then refund your full security deposit. If you cannot - or choose not to - pay the balance owing on the card we will use part or all of your deposit to cover the balance and return the remainder to you. Provided you are not over your limit after cancellation, we can still report your file as closed and paid to the credit bureaus.